Company Registration No. 03088814 (England and Wales)
LOCH NESS BOATHOUSE PROPERTIES LIMITED (FORMERLY SANTON PROPERTY COMPANY LIMITED)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
LOCH NESS BOATHOUSE PROPERTIES LIMITED (FORMERLY SANTON PROPERTY COMPANY LIMITED)
COMPANY INFORMATION
Directors
Santon Close Nominees Limited
Santon Management Limited
R. Patel
Secretary
R Patel
Company number
03088814
Registered office
Santon House
53/55 Uxbridge Road
Ealing
London
W5 5SA
Auditors
Gerald Edelman
73 Cornhill
London
EC3V 3QQ
LOCH NESS BOATHOUSE PROPERTIES LIMITED (FORMERLY SANTON PROPERTY COMPANY LIMITED)
CONTENTS
Page
Directors' report
1 - 2
Independent auditor's report
3 - 6
Income statement
7
Statement of financial position
9
Notes to the financial statements
10 - 15
LOCH NESS BOATHOUSE PROPERTIES LIMITED (FORMERLY SANTON PROPERTY COMPANY LIMITED)
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2021
- 1 -
The directors present their annual report and financial statements for the year ended 31 March 2021.
The company changed its name to Loch Ness Boathouse Properties Limited in the year.
Principal activities
The principal activity of the company continued to be that of property management and investment.
The value of the company's investments were severely impacted by the impact of Covid-19 on the tenant of The Boathouse Restaurant. The directors believe that values will recover in the medium term as the tourist business in the Highlands recovers.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Santon Close Nominees Limited
Santon Management Limited
R. Patel
B. Sandhu
(Resigned 30 November 2020)
Change of name
A special resolution was passed by members on 16 April 2021 to change the name of the company from Santon Property Company Limited to Loch Ness Boathouse Properties Limited.
Auditors
The auditors
,
Gerald Edelman,
are deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of directors' responsibilities
The directors are responsible for preparing the Strategic Report, Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
LOCH NESS BOATHOUSE PROPERTIES LIMITED (FORMERLY SANTON PROPERTY COMPANY LIMITED)
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 2 -
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Going concern
The financial statements have been prepared on the assumption that the company is a going concern.
With respect to the recent Covid-19 outbreak, the directors have considered the impact of the pandemic on the entity’s operations. Like many businesses, the result of the entity is impacted by the health of the UK economy, with any potential downturn likely to have an impact upon the entity’s operations. Having considered this, the directors expect any impact on the entity to be limited to the short-term and therefore do not believe it to pose a significant long-term risk to the business.
Having reviewed the company's financial forecasts and expected future cash flows, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the financial statements for the year ended 31 March 2021.
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
B. Sandhu
Director
23 September 2021
LOCH NESS BOATHOUSE PROPERTIES LIMITED (FORMERLY SANTON PROPERTY COMPANY LIMITED)
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LOCH NESS BOATHOUSE PROPERTIES LIMITED (FORMERLY SANTON PROPERTY COMPANY LIMITED)
- 3 -
Opinion
We have audited the financial statements of Loch Ness Boathouse Properties Limited (Formerly Santon Property Company Limited) (the 'company') for the year ended 31 March 2021 which comprise the income statement, the statement of comprehensive income, the statement of financial position and notes to the financial statements, including significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102
The Financial Reporting Standard applicable in the UK and Republic of Ireland
(United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the company's affairs as at 31 March 2021 and of its loss for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the
Auditor's
responsibilities for the audit of the financial statements
section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard
, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
LOCH NESS BOATHOUSE PROPERTIES LIMITED (FORMERLY SANTON PROPERTY COMPANY LIMITED)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LOCH NESS BOATHOUSE PROPERTIES LIMITED (FORMERLY SANTON PROPERTY COMPANY LIMITED)
- 4 -
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit
:
-
the information given in the directors' r
eport for the financial year for which the financial statements are prepared is consistent with the financial statements
; and
-
the directors' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie
d
material misstatements in the Directors' Report
.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of directors' remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors'
r
esponsibilities
s
tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company
'
s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below
.
Our audit procedures were primarily directed towards testing the accounting systems in operation which we have based our assessment of the financial statements for the year ended 31 March 2021.
We planned our audit so that we have a reasonable expectation of detecting material misstatements in the financial statements resulting from irregularities, fraud or non-compliance with law or regulations.
Extent to which the audit was considered capable of detecting irregularities, including fraud
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
LOCH NESS BOATHOUSE PROPERTIES LIMITED (FORMERLY SANTON PROPERTY COMPANY LIMITED)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LOCH NESS BOATHOUSE PROPERTIES LIMITED (FORMERLY SANTON PROPERTY COMPANY LIMITED)
- 5 -
-
The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.
-
Enquiring of management of whether they are aware of any non-compliance with laws and regulations.
-
Enquiring of management whether they have knowledge of any actual, suspected or alleged fraud.
-
Enquiring of management their internal controls established to mitigate risk related to fraud or non-compliance with laws and regulations.
-
Discussions amongst the engagement team on how and where fraud might occur in the financial statements and any potential indicators of fraud. As part of this discussion, we identified potential for fraud in the following areas; posting of unusual journals.
-
Obtaining understanding of the legal and regulatory framework the company operates in focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations. The key laws and regulations we considered in this context included UK Companies Act, tax legislation, data protection, anti-bribery, employment and health and safety.
Audit response to risks identified
Fraud due to management override
To address the risk of fraud through management bias and override of controls, we:
-
Performed analytical procedures to identify any unusual or unexpected relationships.
-
Audited the risk of management override of controls, including through testing journal entries for appropriateness
-
Assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias; and
-
Investigated the rationale behind significant or unusual transactions.
Irregularities and non-compliance with laws and regulations
In response to the risk of irregularities and non compliance with laws and regulations, we designed procedures which included, but are not limited to:
-
Agreeing financial statements disclosures to underlying supporting documentation.
-
Reviewing minutes of meetings of those charged with governance.
-
Enquiring of management as to actual and potential litigation claims.
-
Reviewing correspondence with HMRC.
The test nature and other inherent limitations of an audit, together with the inherent limitations of any accounting and internal control system, mean that there is an unavoidable risk that even some material misstatements in respect of irregularities may remain undiscovered even though the audit is properly planned and performed in accordance with ISAs (UK). Furthermore, the more removed that laws and regulations are from financial transactions, the less likely that we would become aware of non-compliance.
Our examination should therefore not be relied upon to disclose all such material misstatements or frauds, errors or instances of non-compliance that might exist. The responsibility for safeguarding the assets of the company and for the prevention and detection of fraud, error and non-compliance with law or regulations rests with the directors.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
LOCH NESS BOATHOUSE PROPERTIES LIMITED (FORMERLY SANTON PROPERTY COMPANY LIMITED)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LOCH NESS BOATHOUSE PROPERTIES LIMITED (FORMERLY SANTON PROPERTY COMPANY LIMITED)
- 6 -
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
Hiten Patel FCCA (Senior Statutory Auditor)
For and on behalf of Gerald Edelman
23 September 2021
Chartered Accountants
Statutory Auditor
73 Cornhill
London
EC3V 3QQ
LOCH NESS BOATHOUSE PROPERTIES LIMITED (FORMERLY SANTON PROPERTY COMPANY LIMITED)
INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2021
- 7 -
2021
2020
Notes
£
£
Turnover
43,639
36,257
Administrative expenses
(42,872)
(29,643)
Other operating expenses
(287)
Operating profit
767
6,327
Interest payable and similar expenses
(13,396)
Fair value losses on investment properties
(455,972)
(Loss)/profit before taxation
(468,601)
6,327
Taxation
4
122,268
3,078
(Loss)/profit for the financial year
(346,333)
9,405
LOCH NESS BOATHOUSE PROPERTIES LIMITED (FORMERLY SANTON PROPERTY COMPANY LIMITED)
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2021
- 8 -
2021
2020
£
£
(Loss)/profit for the year
(346,333)
9,405
Other comprehensive income
-
-
Total comprehensive income for the year
(346,333)
9,405
LOCH NESS BOATHOUSE PROPERTIES LIMITED (FORMERLY SANTON PROPERTY COMPANY LIMITED)
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2021
31 March 2021
- 9 -
2021
2020
Notes
£
£
£
£
Fixed assets
Investment properties
5
150,500
606,472
Current assets
Debtors
6
1,972
2,665
Cash at bank and in hand
2,597
7,409
4,569
10,074
Creditors: amounts falling due within one year
7
(308,345)
(324,234)
Net current liabilities
(303,776)
(314,160)
Total assets less current liabilities
(153,276)
292,312
Provisions for liabilities
68,933
(30,322)
Net (liabilities)/assets
(84,343)
261,990
Capital and reserves
Called up share capital
9
2
2
Profit and loss reserves
(84,345)
261,988
Total equity
(84,343)
261,990
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 23 September 2021 and are signed on its behalf by:
B. Sandhu
Director
Company Registration No. 03088814
LOCH NESS BOATHOUSE PROPERTIES LIMITED (FORMERLY SANTON PROPERTY COMPANY LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
- 10 -
1
Accounting policies
Company information
Loch Ness Boathouse Properties Limited (Formerly Santon Property Company Limited) is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Santon House, 53/55 Uxbridge Road, Ealing, London, W5 5SA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements have been prepared on the assumption that the company is a going concern.
true
With respect to the recent Covid-19 outbreak, the directors have considered the impact of the pandemic on the entity’s operations. Like many businesses, the result of the entity is impacted by the health of the UK economy, with any potential downturn likely to have an impact upon the entity’s operations. Having considered this, the directors expect any impact on the entity to be limited to the short-term and therefore do not believe it to pose a significant long-term risk to the business.
Having reviewed the company's financial forecasts and expected future cash flows, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the financial statements for the year ended 31 March 2021.
1.3
Turnover
Turnover represents
rent receivable net of VAT for the portfolio of properties owned by the company.
Revenue is recognised at the point of invoicing, and
by reference to the
period it relates and including
any
costs incurred
.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in the income statement.
1.5
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
LOCH NESS BOATHOUSE PROPERTIES LIMITED (FORMERLY SANTON PROPERTY COMPANY LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 11 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from
fellow group companies are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
LOCH NESS BOATHOUSE PROPERTIES LIMITED (FORMERLY SANTON PROPERTY COMPANY LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 12 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Provisions
Provisions are recognised when the
company
has a legal or constructive present obligation as a result of a past event, it is probable that the
company
will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation.
Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i
s
measured at present value
,
the unwinding of the discount is recognised as a finance cost in profit or loss in the period
in which
it arises.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant
effect on amounts recognised in the financial statements.
Investment properties
The company's investment properties which are properties held to earn rentals and/or capital appreciation
and the company's freehold land and buildings within tangible assets,
are measured using the fair value model and stated at their fair value as at the reporting date. The directors have used their experience of the property market and with reference to evidence of transaction prices of similar properties and rental yields to arrive at an appropriate value at the year end.
LOCH NESS BOATHOUSE PROPERTIES LIMITED (FORMERLY SANTON PROPERTY COMPANY LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 13 -
3
Employees
There were no employees during the period apart from the directors.
4
Taxation
2021
2020
£
£
Current tax
Adjustments in respect of prior periods
1,987
3,604
Deferred tax
Origination and reversal of timing differences
(124,255)
(6,682)
Total tax credit
(122,268)
(3,078)
5
Investment property
2021
£
Fair value
At 1 April 2020
606,472
Revaluations
(455,972)
At 31 March 2021
150,500
The fair value of the investment properties have been arrived at on the basis of a valuation carried out
post
year end by
external valuer JLL
. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
The directors do not consider the valuation to have changed materially.
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2021
2020
£
£
Cost
356,472
356,472
Carrying amount
356,472
356,472
LOCH NESS BOATHOUSE PROPERTIES LIMITED (FORMERLY SANTON PROPERTY COMPANY LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 14 -
6
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
324
Corporation tax recoverable
102
Other debtors
1,546
2,665
1,972
2,665
7
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
5,240
Amounts owed to group undertakings
297,939
291,862
Other creditors
10,406
27,132
308,345
324,234
8
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2021
2020
Balances:
£
£
Revaluations
(93,933)
30,322
2021
Movements in the year:
£
Liability at 1 April 2020
30,322
Credit to income statement
(124,255)
Liability/(Asset) at 31 March 2021
(93,933)
The deferred tax liability
set out above
relates to
revaluation on investment properties reflected through the income statement.
LOCH NESS BOATHOUSE PROPERTIES LIMITED (FORMERLY SANTON PROPERTY COMPANY LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 15 -
9
Called up share capital
2021
2020
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary shares of £1 each
2
2
10
Financial commitments, guarantees and contingent liabilities
A third party insurer is claiming circa £125,000 in relation to an insurance claim they have paid out arising from past development activities from over
two
decades ago. The company believes, firstly, that is not payable by the company and secondly, even if this was the case, it should be covered by
company's
insurance providers. Any such claim will be strongly defended.
A provision of £25,000
has been made in
the
financial statements.
11
Operating lease commitments
Lessor
2021
2020
£
£
Within one year
22,685
52,685
12
Related party transactions
No guarantees have been given or received.
The company has taken advantage of the exemption in FRS102 section 33.1A"Related Party Disclosures" whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.
13
Parent company
The company
was
a wholly owned subsidiary of Santon Capital Plc, a company registered in England & Wales and controlled by B.S. Sandhu.
2021-03-31
2020-04-01
false
CCH Software
CCH Accounts Production 2021.200
Santon Close Nominees Limited
Santon Close Nominees Limited
Santon Management Limited
B. Sandhu
R Patel
03088814
2020-04-01
2021-03-31
03088814
bus:Director2
2020-04-01
2021-03-31
03088814
bus:Director3
2020-04-01
2021-03-31
03088814
bus:CompanySecretaryDirector1
2020-04-01
2021-03-31
03088814
bus:CompanySecretary1
2020-04-01
2021-03-31
03088814
bus:Director4
2020-04-01
2021-03-31
03088814
bus:Director1
2020-04-01
2021-03-31
03088814
bus:RegisteredOffice
2020-04-01
2021-03-31
03088814
2021-03-31
03088814
2019-04-01
2020-03-31
03088814
2020-03-31
03088814
core:CurrentFinancialInstruments
2021-03-31
03088814
core:CurrentFinancialInstruments
2020-03-31
03088814
core:ShareCapital
2021-03-31
03088814
core:ShareCapital
2020-03-31
03088814
core:RetainedEarningsAccumulatedLosses
2021-03-31
03088814
core:RetainedEarningsAccumulatedLosses
2020-03-31
03088814
core:UKTax
2020-04-01
2021-03-31
03088814
core:UKTax
2019-04-01
2020-03-31
03088814
2020-03-31
03088814
bus:OrdinaryShareClass1
2021-03-31
03088814
bus:OrdinaryShareClass1
2020-04-01
2021-03-31
03088814
bus:PrivateLimitedCompanyLtd
2020-04-01
2021-03-31
03088814
bus:FRS102
2020-04-01
2021-03-31
03088814
bus:Audited
2020-04-01
2021-03-31
03088814
bus:FullAccounts
2020-04-01
2021-03-31
xbrli:pure
xbrli:shares
iso4217:GBP